Donald Trump and Elon Musk reignited their bitter feud Tuesday, with the US president threatening to deport the tech tycoon and strip federal funds from his businesses for criticizing Trump’s flagship spending bill.
Shares in Musk’s Tesla electric vehicle manufacturer plummeted about 15 percent as the astonishing row escalated — wiping off more than $100 billion of the company’s value.
The terms of the deal may appear unbalanced, but the transaction allows xAI, which in late March acquired Musk’s X platform, to have access to Telegram’s customers, which Durov estimated has more than one billion users.
The South African-born tech tycoon had said Trump’s bill would increase the deficit and undermine the work of Department of Government Efficiency (DOGE), which has fired tens of thousands of people.
Billionaire Musk, who was Trump’s top donor during his 2024 presidential campaign, was tasked with leading the newly-created Department of Government Efficiency (DOGE), with the declared goal of rooting out “waste, fraud and abuse” in federal spending.
Elon Musk’s artificial intelligence company unveiled Monday the latest version of its chatbot, Grok 3, which the billionaire hopes will find traction in a highly competitive sector contested by the likes of ChatGPT and China’s DeepSeek.
The so-called Department of Government Efficiency — a cost-cutting initiative led by billionaire Elon Musk that has helped slash federal spending — highlighted the cost of producing pennies in a post on X in January.
Tech titan Elon Musk cast doubt Wednesday on a $500 billion AI project announced by US President Donald Trump, saying the money promised for the investment actually wasn’t there.
According to the SEC, the omission enabled Musk, the world’s richest man and a close ally of President-elect Donald Trump, to continue purchasing shares at “artificially low prices, allowing him to underpay by at least $150 million for shares he purchased after his beneficial ownership report was due.”
Bloomberg News had earlier reported that Chinese officials were considering selling the company’s US operations to Musk’s social media platform X.
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